Mumbai: Generic drugmaker Wockhardt Ltd on Tuesday said its quarterly net profit plunged 94 percent, as US Food and Drug Administration bans on its manufacturing plants continued to take a toll.
Wockhardt`s April-June net profit was Rs 199.5 million ($3.26 million), compared with Rs 3.23 billion a year earlier.
Net sales slumped 27 percent to Rs 9.91 billion.
The United States is Wockhardt`s biggest market and the FDA has banned the import of generic drugs from two of the company`s plants in India, citing quality lapses in the manufacturing process.
In May, the company said the FDA had also expressed concerns over production processes at its Chicago-based Morton Grove Pharmaceuticals unit, which accounts for more than 50 percent of Wockhardt`s sales in the United States.
Wockhardt shares fell 5 percent to Rs 674 on Nifty that was up 0.54 percent.
